Business
The Simply Good Foods Company Reports Fiscal First Quarter 2022 Financial Results and Updates Full Fiscal Year 2022 Outlook
DENVER, Jan. 05, 2022 (GLOBE NEWSWIRE) -- The Simply Good Foods Company (Nasdaq: SMPL) (“Simply Good Foods,” or the “Company”), a developer, marketer and
About this update from The Simply Good Foods Company
[{"type":"text","content":"DENVER, Jan. 05, 2022 (GLOBE NEWSWIRE) -- The Simply Good Foods Company (Nasdaq: SMPL) (“Simply Good Foods,” or the “Company”), a developer, marketer and seller of branded nutritional foods and snacking products, today reported financial results for the thirteen weeks ended November 27, 2021. First Quarter Highlights:(1) Net sales increased 21.7% driven by strong Atkins and Quest performanceGross profit margin of 41.4%, an increase of 70 basis pointsNet income(2) of $21.2 million versus $43.0 millionEarnings per diluted share (“EPS”)(2) of $0.22 versus $0.23Adjusted Diluted EPS(3) of $0.43 versus $0.29Adjusted EBITDA(4) increased 34.7% to $65.6 million Updates full fiscal year 2022 outlook: Net Sales expected to increase 12-14% versus fiscal year 2021Gross margin contraction of about 250 basis points versus last yearAdjusted EBITDA(4,6) anticipated to increase slightly less than the net sales growth rateAdjusted Diluted EPS(3,6) expected to increase greater than the Adjusted EBITDA(4,6) growth rate “We are pleased with our fiscal first quarter results that were slightly greater than our expectations as our team continued to execute well in a challenging operating environment,” said Joseph E. Scalzo, President and Chief Executive Officer of Simply Good Foods. “The net sales increase was driven by improving consumer mobility and shopper traffic versus the year ago period, solid velocities of our products, increasing household penetration and innovation that continues to resonate with consumers. As expected, the mid-September price increase, favorable mix and cost savings initiatives, more than offset supply chain cost inflation in the quarter and resulted in gross margin expansion and earnings growth.” Total Simply Good Foods retail takeaway for the thirteen weeks ended November 28, 2021, increased 18.7% in the U.S. measured channels of IRI MULO + Convenience Stores. The Company estimates that its U.S. retail takeaway growth rate in unmeasured channels was similar to measured channels. Atkins and Quest fiscal first quarter 2022 retail takeaway in measured channels increased 7.7% and 36.2%, respectively, and each brand gained market share in their respective subsegments of weight management and active nutrition.” “Our strong first quarter results are a good start to the year. We are focused on driving sales and earnings growth and ...